Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 26 - No. 43)
Which of the following best describes the purpose of a journal?
To summarize all the assets of a business.
To record transactions in chronological order.
To report a company's financial performance.
To store data in ledger accounts.
Explanation
A journal is the book of original entry, recording transactions as they occur chronologically.
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